EURGBP dip buys at the bottom test of the short term bullish structure

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RESULTS

Key Support: 0.8545
Key Resistance: 0.8590

The EURGBP rejected the top of the immediate bullish structure and dropped -0.60% to retest the previous broken highs (Jul 27- Aug 2 highs).

This market is trading inside a very structured bullish move creating bullish divergence since the rally from last week’s lows every time it dips higher. This is a flag for bullish continuation should the tested broken highs hold as support.

Not only that but we have a fibonacci cluster at this level with price dipping 38.2% of last week’s range and 61.8% of the last wave up. Also hitting short term bearish targets at the 161.8% of the last leg up (0.8564-0.8594).

All of this combined makes it for a high probability setup to buy into these past day’s weakness.